Vancouver-based American Copper (ACC-V) is mulling its options after intended takeover target Oro Nevada Resources (ONV-A) announced plans to sell the Dean Ranch gold property in Nevada’s Crescent Valley.
Mark Kucher, president of American Copper, says the company retained an investment dealer to help evaluate “strategic options” in connection with the proposed bid for Oro Nevada shares.
Ore Nevada agreed to sell Dean Ranch to the Cortez joint venture, which consists of a unit of Placer Dome (PDG-T) and a unit of Kennecott. The purchase price for the 48,437-acre property is US$4.7 million. Once the transaction closes, in late November, Oro Nevada will have about $8 million in its treasury. The company intends to use the funds to pursue acquisition opportunities.
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